CERAWeek: Tuesday – Day 2: Saudi Aramco, U.S. Secretary of the Interior, Pemex, BP and Google Cloud
Petroleumworld 03 07 2018
Tuesday – Day 2
“CERAWeek by IHS Markit” and its oil day. The numbers are also in. A record of 40 ministers, 4500 attendees from 75 countries. Old friends, to many to count and new acquaintances all gathered to hear the good news about oil reserves and production and more.
Day started with a talk from Amin Nasser the CEO of Saudi Aramco, the largest oil company in the world. Followed by the Secretary of the Interior of the USA. The USA soon to become the largest producer of oil and gas in the world. It is also estimated that the growth in US production will cover 60% of the growth in demand in the world.
Ing. Carlos Treviño, CEO of PEMEX updated the audience on the energy reform in Mexico and how the market is opening to foreign investment.
Changing this would be very difficult as it would require a 2/3 vote in the congress. The government has had several sales of deep water blocks and will shortly offer some shallow water blocks. He also mentioned that PEMEX has a new board with 5 independents making approvals more challenging. When asked about the new Special Economic Zones and PEMEX participation he replied that PEMEX is waiting for the local governments and the federal governments to agree on a plan, so it could be incorporated into the PEMEX plan.
For lunch today we had Robert Dudley, Chief Executive of BP and for desert Diane Greene of Google Cloud.
It was a number of years ago that British Petroleum changed its name to BP (Beyond Petroleum) and later just BP. It became one of the first major oil companies to venture into renewables. BP has invested heavily in wind, solar and hydrogen in addition to natural gas which they see as the bridge to renewables. Mr. Dudley still believes oil will be around for a long time and that while prices are low today they won’t be for much longer.
Google Cloud is huge. The amount of information being uploaded and stored is HUGE. The future of the cloud is huge. In addition, machines, that can absorb more information than humans, will probably take over the world soon.
There was a lot more about new discoveries, new technology, super basins and the need for skilled workers. In summary, the future looks bright as long as we do not get into any nuclear wars or trade wars. There were no emergency or fire alarms today.
Story Todd Peterson special correspondent from Petroleumworld
petroleumworld.com / 03 07 2018
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